- The Raiders owners have to pay all maintenance and operating costs, as well as putting $2.5 million a year into a Stadium Authority Capital Projects Fund that they can then spend on themselves.
- There doesn’t appear to be any kind of “state of the art” clause that would allow the team to break its lease if the county doesn’t provide stadium upgrades.
And the not-so-good news:
- In exchange for its $750 million in construction subsidies, the public gets absolutely zero revenues from anything: ticket sales, naming rights, concessions, ad boards, you name it. The Raiders’ rumored $1 a year rent turns out not to be true; they will actually pay $0 a year.
- The stadium, despite all of its revenues for the next 30 years being controlled by its private tenant, will pay no property taxes.
This isn’t quite as bad a lease as I’d feared — a state-of-the-art clause would have been a real disaster, since it would have allowed the Raiders owners to demand future upgrades in a decade or two under threat of moving again — but it’s still not very good for taxpayers. It was apparently finalized in a hurry because of the team’s threat to stay in Oakland for another year if a lease wasn’t worked out this week; Mark Davis may be bad at a lot of things, but he seems to have this whole gamesmanship thing worked out pretty well.